The banking sector today in our country is witnessing a massive shift wherein digital is no longer about a new or faster user interface rather it is about re-imagining how to reach customers faster. The future of banking lies in Innovation wherein banks need to digitize in line with customer expectations, modernizing the backend and incorporating a cognitive strategy to make use of the vast amounts of proprietary data banks possess and create the experiences that today’s customers demand.
IBM has now collaborated with Bank of Baroda’s preferred partner in their digital transformation journey. IBM has collaborated with Bank of Baroda to establish an IT CoE which will fuel the Bank’s Digital Reinvention strategy by creating a technology blueprint and an innovation roadmap. Across the world and in India, IBM solutions are helping banks digitally transform how their organizations innovate, operate and engage to generate value across the ecosystem. Today, 9 out of top 10 banks in India bank on IBM solutions and every single inter-bank transaction are made with IBM. We are the Chosen Security Partner for 3 top FSS companies and India’s top 2 banks have embarked on their AI journey with IBM.IBM is doing with leading banks in India including The State Bank of India. Leading banks are using AI tools to get better insights into customers so they can personalize their experience, no matter what platform they use to access the bank – online, mobile, etc. And they’re doing it at mass scale.
With this 5-year long engagement, IBM hopes to add tremendous value to Bank of Baroda’s digital transformation journey which will have a pronounced impact – by making it faster, making it agile and making it one the most digitized banks in the country. We look at this association as a landmark step for IBM as we embark on transforming industries and sectors with the work we do here in India and across the world. In addition, Bank of Baroda’s customer BOT called ADI (Assisted Digital Interaction), powered by IBM Watson APIs and is already live.
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